How to choose a cam, or, how to ask the cam manufacturer and have enough info to ask the right questions.....
You'll need to decide how many hp and how much weight you want to move.
Then, decide what gears in the rear you'll be using. Much of those three things is decided by the purpose of the car. If you have any other restrictions, such as compession ratio, stock heads, etc, make sure you mention those as well.
My thought, (and its a thought nothing more) is that you want to keep a lower CR, low 9:1 or so. Since you are rebuilding, you will likely be boring the block, and this will automatically tend to boost CR. However, you can choose the piston that best suits your CR choice. A low CR means you'll want to stay in the shorter duration cams. Here is why:
Longer duration cams by design have more overlap. Overlap is the period of time that the intake and exhaust are both open. While both are open, cylinder pressure cannot build. This pressure is what makes power. A longer duration will "bleed off" pressure in an low compression engine.
Believe it or not, the stock cam profile in the 318 isn't too bad as far as cams go. It'll work fine with a bit more compression, and will make decent power. But why stop at "decent"? The reproduction 340 cam is a very nice cam, and will produce a slight lope in a 318. Its (IIRC) 268/276 (StoS), and .444" lift.
And here is the second part of cams: lift. If the stock cam had a bit more lift, it would be a great cam. But it doesn't, so its not the solution to your quest. The 340 cam has that bit of extra lift. But, don't eliminate slightly smaller cams without doing a bit of research, or asking questions. On a given duration pair of cams, the one with a slightly higher lift will show a bit more power at the peak.
Thats the simple version of how cams work. Unless you plan to get a custom grind, picking a cam based on lift and duration is the best way to go about it. This is because most cams are "pre packaged" in certain specs. You can do things with the cam centerline, lobe centerline, lift, lobe profile, etc. But all of this is stuff you really won't need to worry about on the street in a 318.
So my ideal 318 build would be:
9.5:1 CR, 340 cam, dual plane intake, 600cfm carb, 360 heads, 1.88 intake 1.70 exhaust, ported and port matched, headers, 2.25" exhaust.
A quick run on DD2k suggests you could make nearly 350/350 hp/tq from a "mild" 318.